최고경영진(TMT) 정치적 연계성과 인수 후 혁신성과: 국제경험과 ESG의 조절효과

초록

This study investigates the impact of top management team (TMT) political connections on post-acquisition innovation performance in Chinese cross-border mergers and acquisitions (M&A) and further examines the moderating roles of TMT international experience and firms’ ESG performance. Drawing on the non-market strategy and institutional theory perspectives, this study argues that political connections serve as an important strategic resource in reducing institutional uncertainty and facilitating access to policy support and external resources. Using a sample of 570 Chinese listed firms engaged in cross-border M&A during the period 2008–2021, this study employs multiple regression and Poisson count models. Post-acquisition innovation performance is measured by the number of patent citations three years after the acquisition. The empirical results show that TMT political connections have a significantly positive effect on firms’ post-acquisition innovation performance. However, contrary to expectations, TMT international experience does not significantly moderate this relationship, suggesting that cognitive and experiential factors play a limited role in transforming political resources into innovation outcomes under stricter model specifications. In contrast, ESG performance exerts a significantly positive moderating effect, indicating that firms with higher ESG levels are better able to leverage political connections to enhance innovation performance. This study contributes to the literature by demonstrating that the value of political connections in innovation is conditional rather than universal and is significantly shaped by institutional and governance factors. It also provides important managerial and policy implications for emerging-economy firms seeking to improve innovation performance following cross-border M&A.

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